Multiple Choice
Suppose an increase in the price of hamburger from $3 to $4 leads to an increase in quantity supplied from 100 units to 150 units. At the original price, the price elasticity of supply for hamburgers is ________ so supply is ________.
A) 2/3; elastic
B) 2/3; inelastic
C) 3/2; elastic
D) 3/2; inelastic
Correct Answer:
Verified
Correct Answer:
Verified
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